Soros lost nearly $1B in post-election market rally: report

Soros lost nearly $1B in post-election market rally: report
© Getty

Billionaire Democratic donor George Soros lost about $1 billion in the market following President-elect Donald TrumpDonald John TrumpTrump pushes back on recent polling data, says internal numbers are 'strongest we've had so far' Illinois state lawmaker apologizes for photos depicting mock assassination of Trump Scaramucci assembling team of former Cabinet members to speak out against Trump MORE’s White House win, The Wall Street Journal reported Thursday.

Soros expected the market to drop sharply after Election Day, the report said.

The stock market instead rallied on expectations that Trump’s policies will boost both corporate earnings and the overall economy. The Dow Jones Industrial Average is up 9.3 percent since Trump’s victory.

Soros avoided further losses by adjusting his positions late in 2016, the report added.

ADVERTISEMENT

Soros, a big contributor to a super PAC supporting Democratic nominee Hillary ClintonHillary Diane Rodham ClintonTop Sanders adviser: Warren isn't competing for 'same pool of voters' Anti-Trump vets join Steyer group in pressing Democrats to impeach Trump Republicans plot comeback in New Jersey MORE, has long supported liberal causes.

He called Trump’s incoming administration a threat to democracy in December.

“Democracy is now in crisis. Even the U.S., the world’s leading democracy, elected a con artist and would be dictator as its president,” he wrote in a Project Syndicate op-ed.

“Although Trump has toned down his rhetoric since he was elected, he has changed neither his behavior nor his advisers. His Cabinet comprises incompetent extremists and retired generals."